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5 Guidelines to Pick the Right Investment App for You

5 Guidelines to Pick the Right Investment App for You

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Investing is one of the smartest decisions you can make for your future financial health, and apps have made it easier than ever to learn how to invest $20 and make investments instantly through your phone. There are tons of investment apps to choose from, so picking the right investment app for your needs is no small task, but with these five tips you'll be investing like a stock market pro in no time.

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  1. Improve investment knowledge by learning the fundamentals
  2. Invest in small amounts to build confidence as a beginner
  3. Explore types of investments & expand your portfolio
  4. Stay up to date on the market by accessing financial news
  5. Ease confusion with answers to frequently asked questions

Having a solid knowledge of the fundamentals is of utmost importance when it comes to making smart and informed decisions about your investments. Getting involved with the market can sound like a pretty complicated process sometimes, so many investment apps are available that have investing 101 guides to help break down the vocabulary and basics for beginners.

Investment terminology is like a whole other language in itself, so if you're brand new to investing you'll need an app with a dictionary or PDF file glossary of words that you can quickly refer to and find a definition or synonym if you come across something you're unfamiliar with.

It's also a good idea to get an app that gives you good investing tips and examples of smart decisions so you can start planning and strategizing for the future. You may also benefit from an app that gives you a sort of roadmap to saving so that you can set and meet your goals and objectives for every stage along the way.

If you want to start investing but don't have a lot of extra cash to put into it or are just worried about investing a large amount too quickly, you'll be happy to know that there are plenty of options for making small investments, whether that means you invest $20 a month or just your spare change that's left over after making a purchase. In fact, some of the best ways to invest money are just by setting up small, recurring payments to watch your cash amounts steadily grow without taking a lot out of your bank account all at once.

Investment apps that are like Robinhood and Acorns are great options for jumping into the market and investing in stocks, even on a tight budget. Some of them even have the option to invest the money for you so you don't have to decide and worry about where you want to invest your money. This is especially good for recent graduates and young adults in their 20s who are looking to get started in investing but are just starting out in their career and are stock market beginners.

If you're already pretty familiar with how to Invest and are looking for a way to take your goal based investing to the next level, you'll want a more advanced investment app that helps you develop sound investment strategies, add the best investments to your collection, and set higher financial goals. Certain apps can help you create investment reviews, allowing you to learn about and look in to other investment types other than stocks, such as bonds and mutual funds, as well as opportunities in other countries, like investment in India.

They can also help you and give tips on what to do or avoid while you're expanding your portfolio and looking to get more high returns. Investment technology has grown rapidly, so joining an investment management firm like Vanguard can help you build a business account and get more for your money.

Since the market is constantly changing, it's important to stay up to date on investing news so that you can make the right personal finance decisions with your money and business shares. Apps for top and trustworthy financial news sources like the CNBC Stock Channel are good options for getting breaking news alerts on your phone so you never miss a thing when it comes to trends and market fluctuations for big companies in the market like Apple and Comcast Xfinity. 

It's also a good to find an app with other relevant financial updates and stories, much like the reports found in Forbes or Money Magazine, so you'll stay informed of all the world and business happenings that have an effect on the market.

Especially if you're just starting out with investing in stocks, getting an investment app that can connect you online to a finance or economics professional to ask questions directly can be very helpful. Things may come up in the investment process that you don't quite understand or don't know the best way to proceed, so having someone there that can help you with specific issues is a huge benefit. They can also give you general advice to aid on your investment journey.

Another helpful tool for questions would be a forum or community feature so that you can talk to other amateur or seasoned investors and get answers to any of your burning questions about the stock market or how to invest and make money through investing.

Investing doesn't have to be scary or complicated, once you know what to do! Now that you have these tips in mind, head over to our Best 10 Apps for Investing to get started.

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